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Orange Blooded [4028]
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For you liberals that dont understand how inflation works
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Apr 12, 2024, 7:16 AM
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https://www.cnbc.com/2024/04/12/biden-to-forgive-7point4-billion-in-student-debt-for-277000-borrowers.html
Forgiving the debts of over 225,000 people owing billions of dollars is not an “inflation reducing” policy
It’s an inflation increasing policy and it’s at the direction of the president of the United States AND it would be way more if the Supreme Court hadn’t have struck his first moonshot down
Anyone need an econ 101 lesson on why this has a detrimental effect on inflation?
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All-In [42266]
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And in addition, to Trumpists who don't understand how it works
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Apr 12, 2024, 7:40 AM
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If you slap a 10 percent tariff on all imported goods, which Trump is saying he will do, inflation will soar. Possibly to hyperinflation.
EDIT: But yes, I agree with you. However, let's not pretend Trump is going to make this better.
Message was edited by: Catahoula®
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Oculus Spirit [97799]
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Wait until our demand drops to levels concurrent with supply.
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Apr 12, 2024, 7:57 AM
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That's going to be like heroin withdrawal.
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Orange Blooded [4028]
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Ill grant you there is a short term price to pay
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Apr 12, 2024, 8:56 AM
[ in reply to And in addition, to Trumpists who don't understand how it works ] |
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True in the short run inflation will be impacted
But if it resulted in real economic growth and value creation driven by companies bringing manufacturing jobs back to America, that would offset the long term inflation
Whereas student loan forgiveness, handouts, and government pet projects are total losses to inflation and economic growth.
What good is student loan forgiveness if the recipients just turn around and buy a bunch of crap they don’t need from China?
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All-In [42266]
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Re: Ill grant you there is a short term price to pay
Apr 12, 2024, 8:58 AM
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Trump's plan won't create that growth; he wants this plan for control. He's thinking short term.
But we're on the same page with the loans; IMO, it only makes the problem much worse if they're "forgiven".
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All-TigerNet [11042]
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Re: Ill grant you there is a short term price to pay
Apr 12, 2024, 4:05 PM
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So the economy was so bad in 2018 and 2019 when Trump's tariffs brought in $41+ & $79+ Billion to the country? Why aren't you talking about Biden's tariff on UK steel?
I'm not saying if tariffs go too far, they can't and won't create some negative side effects but if managed properly they can have positive affects.
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Legend [17324]
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Oculus Spirit [97799]
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Anyone ever stopped to think, like really think critically, about where we stand
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Apr 12, 2024, 11:33 AM
[ in reply to Ill grant you there is a short term price to pay ] |
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as a country and nation when it comes to labor/demand?
We currently import around $300 billion worth of products (stuff) every single month in the US. What percentage of those products do we not even bother making anymore due to being cheaper to import with foreign labor? What discount do we enjoy because we import those products over making them ourselves?
What if that flow just stopped. Where would we stand?
What if sent every person here in the US illegally back home. Just flew them back, leaving no one but American citizens to build houses, cook fries, lay asphalt, clean toilets, etc.
Imagine doing both of the above, at the same time.
Where would we stand? Is that a better economy? Is that a better standard of living?
humm.......I think the answer may surprise many people.
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Orange Blooded [4021]
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Re: For you liberals that dont understand how inflation works
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Apr 12, 2024, 7:45 AM
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Now do tax cuts. 😆
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Orange Blooded [4028]
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Well Im glad you asked
Apr 12, 2024, 8:40 AM
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If you run a balanced budget and roughly cut government spending by the amount of the tax cut, then no - it does not cause inflation.
If you cut taxes without cutting government spending, then yes it causes inflation.
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Heisman Winner [138089]
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And the last balanced budgets the GOP had was....
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Apr 12, 2024, 9:23 AM
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Oh right. Just tax cuts. Spending doesn't matter.
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Orange Blooded [4028]
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The last balanced budget was George W Bush
Apr 12, 2024, 2:40 PM
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in 2001 before 9/11
I think he was a republican
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Orange Blooded [2107]
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And that was with the budget that he inherited....
Apr 13, 2024, 10:09 AM
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He ended those balanced budgets quickly, as I recall, with his tax cuts.
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Letterman [296]
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Wrong.
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Apr 13, 2024, 10:23 AM
[ in reply to The last balanced budget was George W Bush ] |
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Fiscal year 2001 budget was October 2000-September 2001, under Clinton, and ran a surplus of about $130 billion.
Bush’s first budget was for FY2002 (Oct 2001-Sept 2002) and ran a deficit of roughly $160 billion.
Trumpists lie about everything. Or — benefit of the doubt here — maybe you just have no idea what you’re talking about.
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All-In [31937]
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Orange Blooded [4021]
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Re: Wait...so are you conceding that tax cuts drive economic growth?!?***
Apr 12, 2024, 9:19 AM
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Tax cuts do drive economic growth. But they also will drive deficits and inflation. Every action usually has a counter reaction. Pick your poison. I guess it depends on the greater concern.
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All-In [31937]
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Well, no, no they don't...
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Apr 12, 2024, 1:26 PM
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all else being constant...tax cuts can drive economic growth, which can increase tax revenue. There is no automatic direct reduction of income tax revenue because of rate cuts when done when economic stimulus is needed which considered over a 3+ year period.
The problem is, we never hold our spending constant to see this for sure.
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Orange Blooded [2107]
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Tax cuts usually drive bigger deficits....
Apr 13, 2024, 10:30 AM
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That's been proven over and over. If you're trying to argue that tax cuts drive more tax revenue, that's bullcrap.
I'm not against tax cuts in all situations. THere's a time and place to cut taxes. But to cut taxes generally does drive up deficits. And they're generally not all that efficient in increasing growth. Trump's tax cut gave us very little stimulus. Same with Bush tax cuts.
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Orange Blooded [2539]
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Re: For you liberals that dont understand how inflation works
Apr 12, 2024, 8:52 AM
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Well, they will spend the money elsewhere which will be good for the economy. Econ 101.
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Orange Blooded [4028]
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You should go to the library
Apr 12, 2024, 9:00 AM
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And check out a book on the Weimar Republic
Printing money so people can go spend it on stupid $#!+ they don’t need and can’t otherwise afford is the road to hyper inflation and total economic ruin
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Orange Blooded [2539]
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Re: You should go to the library
Apr 12, 2024, 9:11 AM
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Believe me, I understand the basics. I think everyone here has taken Econ 101. These people will be investing in IRA's, possibly affording a house, possibly paying for health insurance. Those are basic things that improve the financial situation of the country in the long haul. On the other hand, we should be educated our you about the costs of college and the pitfalls.
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Orange Blooded [2539]
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Re: You should go to the library
Apr 12, 2024, 9:15 AM
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Educating our you that about costs..pitfalls etc. That's what that should say.
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Hall of Famer [24832]
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Take another mulligan...***
Apr 12, 2024, 9:41 AM
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Orange Blooded [2539]
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Re: Take another mulligan...***
Apr 13, 2024, 4:56 PM
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Sure. Always smarter than you though. Mone are typos. You just post idiocies.
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Orange Blooded [2107]
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You do realize that the Weimar Republic....
Apr 13, 2024, 5:08 PM
[ in reply to You should go to the library ] |
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survived the hyperinflation of 1923, and entered into a period of good economics. In 1929, there was the stock market crash, and instead of printing money, the Weimer Republic went into a period of fiscal and monetary austerity from 1930 to 1933. That tight money, which you apparently approve of, is what drove the Weimar Republic over a cliff and brought a right-wing fascist named Adolf Hitler to power.
It was Heinrich Bruning, the austerian, who gave us Hitler....not hyperinflation from 2023.
You obviously don't understand history.
https://www.econstor.eu/bitstream/10419/261405/1/1811659055.pdf
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110%er [7226]
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Did you ever take a college level econ class?
Apr 12, 2024, 3:03 PM
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Not to be pedantic, but you'd learn about inflation in intro to macro, not micro. And student loan forgiveness would have a directional effect that would technically increase inflation, but it's magnitude would essentially be zero. On the list of what drives inflation, $7.4B in student loan forgiveness has to be like 200th. Not to mention that you want some inflation, what people should really care about is inflation in relation to things like middle class wage increases.
Sorry about the rant, I just see posts like these and it's transparent that they're not really interested in the supposed topic.
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Orange Blooded [4028]
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When someone says not to be pedantic
Apr 12, 2024, 3:27 PM
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You can bet your @$$ their about to be pedantic
So that we are straight on where this president is on student loan forgiveness and inflation.
To date, Joe Biden has forgiven $146B in student debit
To date, Joe Biden attempted to forgive $500B in student debt before the Supreme Court stopped him.
Do you think a $500B handout is 200th down on the list of dumb crap that causes inflation?
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110%er [7226]
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Maybe I'd move it up to 150 in your alternate timeline.
Apr 12, 2024, 3:55 PM
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Just out of curiosity, how exactly do you think forgiving student debt affects inflation? I'll even get you started:
1. The US collects less revenue from people paying off loans.
2. This means they run a greater deficit than they would otherwise. Should probably be noted that this is purely hypothetical and for all we know they would run the exact same deficit and just carve up the budget into slightly different pieces.
3. ???????
4. Inflation increases
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110%er [7226]
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Oh no, we lost 81
Apr 12, 2024, 7:47 PM
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Shirley, he could have duck duck goed (god? gone? goned?) the answer by now.
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Orange Blooded [4028]
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110%er [7226]
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Educate me.***
Apr 12, 2024, 11:34 PM
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110%er [7226]
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After all that, you have no idea how inflation works.***
Apr 13, 2024, 11:54 AM
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Orange Blooded [4028]
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Right, how could giving a bunch of people $500 a month
Apr 13, 2024, 5:45 PM
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In extra disposable income cause inflationary pressure?
Of course it does!
Where do you people come from? How the hell is that not self evident to you ?
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110%er [7226]
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You're so close.
Apr 14, 2024, 12:21 AM
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How does the extra "disposable income" cause inflation? How many responses is this now where you don't answer the question? I'm more and more convinced you didn't take an econ class.
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110%er [5703]
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Re: For you liberals that dont understand how inflation works
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Apr 12, 2024, 4:24 PM
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Yeah, cata and cac rationalize why the math sez it's okay for Biden to buy votes, but what you are missing is the messaging it sends to people...
You have any idea what message people come away with? How about this..."individual responsibility doesn't matter. I don't need to know math and spend less than I earn because the gubment will save me. blah blah blah."
If we had sound economic policies and the democrats were not buying votes every time a law passed, this would be no big deal. But in the context of today, this is another knife in the death by 1000 cuts cliché.
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110%er [7226]
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I might buy this if it weren't so selective.
Apr 12, 2024, 5:23 PM
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Why don't we hold rich people or boeing or the banks or wall st or the auto industry responsible? It's always fine to bail them out.
I also think there's a generational element where millennials and later are so pissed that they were essentially told to take on this debt because college was so important and now they're screwed. This isn't about them being irresponsible, it's about us not ####### them over. All this "waaahhhh inflation boo hoo" talk also ignores that there are really great economic impacts from freeing people up from debt. They can buy houses and save and all those things have lasting impacts on people.
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Replies: 35
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